RHI Magnesita India Q4 Loss Narrows - PTI
By Rediff Money Desk, New Delhi May 29, 2024 18:38
RHI Magnesita India's consolidated loss narrowed to Rs 257.89 crore in Q4 FY24, driven by improved operational efficiency and cost optimization. Read more.
New Delhi, May 29 (PTI) RHI Magnesita India on Wednesday reported narrowing of its consolidated loss to Rs 257.89 crore during the March 2024 quarter.
It had reported a loss of Rs 678.90 crore during the year-ago period, the company said in a regulatory filing.
Its total income rose to Rs 947.47 crore as against Rs 881.29 crore in the January-March period of FY23.
During the quarter under review, the company trimmed its expenses to Rs 852.72 crore from Rs 903.85 crore a year ago.
In a separate statement, Parmod Sagar, its Managing Director and Chief Executive Officer, said, "We have enhanced our operational efficiencies, driving remarkable and sustained growth. Our EBITDA and revenue saw substantial year-on-year growth of 49 per cent and 39 per cent, respectively.
"Our rigorous cost optimization initiatives have led to outstanding year-on-year margin improvements this quarter," Sagar added.
RHI Magnesita India Ltd is a leading supplier of high-grade refractory products used by major industries, including steel, cement, non-ferrous metals, and glass.
It had reported a loss of Rs 678.90 crore during the year-ago period, the company said in a regulatory filing.
Its total income rose to Rs 947.47 crore as against Rs 881.29 crore in the January-March period of FY23.
During the quarter under review, the company trimmed its expenses to Rs 852.72 crore from Rs 903.85 crore a year ago.
In a separate statement, Parmod Sagar, its Managing Director and Chief Executive Officer, said, "We have enhanced our operational efficiencies, driving remarkable and sustained growth. Our EBITDA and revenue saw substantial year-on-year growth of 49 per cent and 39 per cent, respectively.
"Our rigorous cost optimization initiatives have led to outstanding year-on-year margin improvements this quarter," Sagar added.
RHI Magnesita India Ltd is a leading supplier of high-grade refractory products used by major industries, including steel, cement, non-ferrous metals, and glass.
Source: PTI
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